Question: Lebo Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Instructions What amount should be reported

Lebo Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory.

The following data are available at December 31.


Lebo Camera Shop Inc. uses the lower-of-cost-or-market basis for


Instructions
What amount should be reported on Lebo Camera Shop's financial statements, assuming the lower-of-cost-or-market rule isapplied?

Market Value/Unit Units Cost/Unit Cameras $175 145 $160 152 Minolta Canon Light Meters Vivitar Kodak 7 12 10 125 120 119 135

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